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Company No: SC208098 (Scotland)

FAIRFIELD DAIRIES LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH THE REGISTRAR

FAIRFIELD DAIRIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023

Contents

FAIRFIELD DAIRIES LIMITED

BALANCE SHEET

AS AT 30 JUNE 2023
FAIRFIELD DAIRIES LIMITED

BALANCE SHEET (continued)

AS AT 30 JUNE 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 621,900 625,469
621,900 625,469
Current assets
Stocks 17,305 26,752
Debtors 4 967,742 942,258
Cash at bank and in hand 182,695 80,396
1,167,742 1,049,406
Creditors: amounts falling due within one year 5 ( 981,413) ( 1,539,123)
Net current assets/(liabilities) 186,329 (489,717)
Total assets less current liabilities 808,229 135,752
Creditors: amounts falling due after more than one year 6 ( 563,278) ( 701,616)
Net assets/(liabilities) 244,951 ( 565,864)
Capital and reserves
Called-up share capital 7 1,000,000 1,000,000
Profit and loss account ( 755,049 ) ( 1,565,864 )
Total shareholder's funds/(deficit) 244,951 ( 565,864)

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Fairfield Dairies Limited (registered number: SC208098) were approved and authorised for issue by the Director on 19 March 2024. They were signed on its behalf by:

D Laird
Director
FAIRFIELD DAIRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
FAIRFIELD DAIRIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fairfield Dairies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 8 Dryden Road, Loanhead, EH20 9LZ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for milk and other dairy goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs are the contributions payable in the financial year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets, other than freehold property, at rates calculated to write off the cost of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 20 - 25 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct purchases.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at cost.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including unpaid directors 26 25

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 July 2022 524,162 237,053 761,215
Additions 0 19,279 19,279
At 30 June 2023 524,162 256,332 780,494
Accumulated depreciation
At 01 July 2022 0 135,746 135,746
Charge for the financial year 0 22,848 22,848
At 30 June 2023 0 158,594 158,594
Net book value
At 30 June 2023 524,162 97,738 621,900
At 30 June 2022 524,162 101,307 625,469

4. Debtors

2023 2022
£ £
Trade debtors 902,166 882,729
Other debtors 65,576 59,529
967,742 942,258

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 699,301 1,182,903
Other taxation and social security 9,603 14,403
Other creditors 272,509 341,817
981,413 1,539,123

Included within other creditors is an invoice financing facility amounting to £254,821 (2022: £300,212) which is secured against assets held in the company.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 563,278 701,616

There are no amounts included above in respect of which any security has been given by the entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000,000 Ordinary shares of £ 1.00 each 1,000,000 1,000,000

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 48,675 0

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Key management personnel 563,278 701,616

The balance due to key management personnel is interest free and has no fixed repayment terms.